ARK Investment Management LLC Reduces Holdings in Cloudflare, Inc. (NYSE:NET)

ARK Investment Management LLC decreased its position in shares of Cloudflare, Inc. (NYSE:NET) by 0.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 349,850 shares of the company’s stock after selling 609 shares during the quarter. ARK Investment Management LLC’s holdings in Cloudflare were worth $37,672,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in NET. Allspring Global Investments Holdings LLC grew its holdings in shares of Cloudflare by 13.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 987 shares of the company’s stock worth $80,000 after purchasing an additional 119 shares during the last quarter. Sequoia Financial Advisors LLC boosted its stake in shares of Cloudflare by 12.1% during the third quarter. Sequoia Financial Advisors LLC now owns 2,799 shares of the company’s stock worth $226,000 after buying an additional 303 shares during the period. Hennion & Walsh Asset Management Inc. boosted its stake in shares of Cloudflare by 27.4% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 4,918 shares of the company’s stock worth $398,000 after buying an additional 1,057 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Cloudflare by 21.1% during the third quarter. Assenagon Asset Management S.A. now owns 3,455 shares of the company’s stock worth $279,000 after buying an additional 602 shares during the period. Finally, Ballentine Partners LLC boosted its stake in shares of Cloudflare by 40.0% during the third quarter. Ballentine Partners LLC now owns 3,718 shares of the company’s stock worth $301,000 after buying an additional 1,062 shares during the period. Hedge funds and other institutional investors own 82.68% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on NET shares. Jefferies Financial Group increased their target price on shares of Cloudflare from $100.00 to $125.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Morgan Stanley increased their target price on shares of Cloudflare from $130.00 to $140.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 21st. Royal Bank of Canada increased their target price on shares of Cloudflare from $123.00 to $170.00 and gave the stock an “outperform” rating in a research note on Friday, February 7th. Oppenheimer downgraded shares of Cloudflare from an “outperform” rating to a “market perform” rating in a research note on Friday, February 7th. Finally, JMP Securities increased their target price on shares of Cloudflare from $135.00 to $180.00 and gave the stock a “market outperform” rating in a research note on Friday, February 7th. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cloudflare presently has an average rating of “Hold” and a consensus target price of $136.28.

Cloudflare Trading Down 3.2 %

Shares of Cloudflare stock opened at $143.22 on Wednesday. Cloudflare, Inc. has a 12-month low of $66.24 and a 12-month high of $177.37. The company has a current ratio of 3.37, a quick ratio of 3.37 and a debt-to-equity ratio of 1.32. The stock has a market cap of $49.15 billion, a PE ratio of -651.01 and a beta of 1.12. The company has a 50-day moving average of $131.29 and a two-hundred day moving average of $104.42.

Cloudflare (NYSE:NET) last issued its earnings results on Thursday, February 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.21). Cloudflare had a negative net margin of 4.72% and a negative return on equity of 5.52%. On average, research analysts anticipate that Cloudflare, Inc. will post -0.11 EPS for the current fiscal year.

Insider Transactions at Cloudflare

In other news, CEO Matthew Prince sold 52,384 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $113.00, for a total transaction of $5,919,392.00. Following the completion of the transaction, the chief executive officer now directly owns 10,762 shares of the company’s stock, valued at $1,216,106. This trade represents a 82.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Janel Riley sold 4,327 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $167.60, for a total transaction of $725,205.20. Following the transaction, the chief accounting officer now directly owns 74,698 shares of the company’s stock, valued at approximately $12,519,384.80. This trade represents a 5.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 533,278 shares of company stock valued at $66,134,227 in the last ninety days. Corporate insiders own 12.83% of the company’s stock.

Cloudflare Company Profile

Cloudflare, Inc operates as a cloud services provider that delivers a range of services to businesses worldwide. The company provides an integrated cloud-based security solution to secure a range of combination of platforms, including public cloud, private cloud, on-premise, software-as-a-service applications, and IoT devices; and website and application security products comprising web application firewall, bot management, distributed denial of service, API gateways, SSL/TLS encryption, script management, security center, and rate limiting products.